Creating Value: Our Commitment to Shareholders
Santander is dedicated to delivering value to its 3.6 million shareholders worldwide by targeting double-digit growth on average throughout the economic cycle. This initiative aims to distribute at least €10 billion through share buybacks linked to the 2025 and 2026 financial results and anticipated capital surplus.
Shareholder Remuneration Details
The total remuneration charged against the first half of 2025 results will be around €3.4 billion, which is 11% higher compared to the same period in 2024. This amount represents about 50% of the profit attributable to shareholders for H1 2025, split evenly between cash dividends and share buybacks.
Net Tangible Asset Value
At the end of the quarter, the tangible net asset value (TNAV) per share was €5.56. Considering the final cash dividend related to 2024 results and the interim dividend charged against 2025 results, TNAV per share rose by 15% year-on-year.
Share Buyback Program
Santander intends to allocate at least €10bn to shareholders through share buybacks charged against 2025 and 2026 results and against the expected capital excess. This target for share buybacks includes:
- Buybacks within the current shareholder remuneration policy
- Additional buybacks following the annual results to distribute year-end CET1 capital surpluses
The execution of both the shareholder remuneration policy and additional buybacks depends on future corporate and regulatory approvals.
As previously announced, Santander intends to allocate at least €10bn to shareholders through share buybacks charged against 2025 and 2026 results and against the expected capital excess.
Author's summary: Santander commits to rewarding shareholders through sustainable growth and a planned €10 billion share buyback program over 2025–2026, enhancing shareholder value and capital returns.